New Delhi: A day after interacting with chief ministers on ways to boost economic activity, Prime Minister Narendra Modi on Tuesday (May 12) announced an economic package of Rs 20 Lakh crore, and added that this will be 10 per cent of India’s GDP.

It is now the time to make India self-sufficient in every way and every Indian should buy and promote local goods

PM Modi said, “I announce a special economic package today. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan’. The earlier announcements made by the government over COVID, decisions of RBI and today’s package comes to Rs 20 lakh crores. This is 10% of India’s GDP.”

In his fifth address, including a video message, to the nation, PM Modi said: “Starting tomorrow, the finance minister will apprise you on details about the package meant to drive the country’s ‘Aatma Nirbhar Bharat Abhiyaan’.”

He said this will be based on land, labour, liquidity and laws to strengthen MSMEs besides strengthening the hands of labourers and farmers who toil hard for people of the nation.

He also referred to five pillars for strengthening Economy, Infrastructure, System, Demography and Demand to meet the power of demand and supply.

The Prime Minister said, “India has turned a crisis into opportunity. India talks about self-reliance as Vasudhaiva Kutumbakam (the world is one family). India’s self-reliant is about comfort and peace of the entire world.”

He added. “It is our responsibility as well as the duty to see that the 21st century belongs to India. We need to be self-dependent.”

He also informed that announcement about lockdown 4 will be made before May 18.

Industry experts welcomed the announcements, saying that there are many ways in which the schemes announced on Tuesday can be financed, including from the extra Rs 200,000 lakh crore the Centre will get from higher levies on petrol and diesel.

Apart from this, the government has already used the escape clause in the FRBM act.

The announcement came at a time when the official data showed that contraction in manufacturing and electricity sector’s output on the back of the Covid-19 outbreak and the subsequent lockdown to curb its spread plunged India’s factory production in March 2020.